Accessing affordable property is a challenge amidst the growing cost of living pressures and rising interest rates.
Herron Todd White’s (HTW) June Month in Review for Western Australia’s residential market showcases that while it is a tough time to buy, there are still some solid options at the $750,000 mark across the state.
Though some areas of WA might force that budget to stretch, WA is proving to offer more attainable opportunities than other parts of Australia, such as New South Wales.
According to the latest SQM Research weekly asking property prices for Perth houses are $845,747, and units are $442,580. Sydney’s house prices are close to $1.8 million, while units are just above $780,000; suffice it to say there is a better chance of getting good value for money in Perth for a $750,000 budget.
Houses within the heart of Perth and Sydney do not have much to offer for a budget of $750,000; indeed there are few and far between.
The latest weekly asking property price for houses in Perth (the postcode 6000) is $896,540, according to SQM Research, well over a $750,000 budget.
However, the weekly asking property prices have fluctuated over the last few years, between $695,597 (October 2021) and $988,924 (September 2022).
These historic changes provide a glimmer of hope that the odd future listing may be around the $750,000 mark.
Weekly asking price of 6000
Sydney’s (the postcode 2000) weekly asking property price is sitting at $1,659,255, declining from its June 2022 peak of $2,325,849, making houses in Sydney unattainable on a $750,000 budget.
Weekly asking price of 2000
Perth CBD units are going for a more reasonable $442,926, according to SQM, making a $750,000 budget a solid foundation.
HTW’s report noted one example that matched the given budget was 24/134 Mounts Bay Road, a three bedroom, two bathroom unit on a 187 square metre floor plan which sold in mid-March for $715,000.
HTW Director Chris Hinchliffe said he estimates the property would generate a rental of $700 per week, “However, these larger apartments mostly appeal to downsizers or second home buyers looking to be within walking distance of the CBD and the amenities it has to offer.”
Units in the Sydney CBD were most recently fetching around $991,331, well over the $750,000 budget.
Despite that, there are still units that can be had for a cool $750,000, including 139/569 George Street which sold in May for $752,000.
However, unlike the Perth unit, this property only offers one bedroom and one bathroom, on an internal 58 square metre floorplan.
The south Perth suburb of Como commands a $1.1 million median house price, according to realestate.com.au, however, the median price for units is a more affordable $495,000, down from the February 2022 peak of $538,000.
A budget of just three-quarters of a million could have comfortably acquired a strata titled property at 2/28A Gardner Street, Como.
The property is a 186 square metre, three bedroom, two bathroom townhouse that sold for $740,000 in April. Though it may be a bit small for some lifestyles, the property offers easy access to be the Swan River and Perth CBD.
Weekly asking price of 6125
A likely comparable suburb to Como is Greenwich, NSW. It is under 9 kilometres from the Sydney CBD and is located on the northern side of the river.
Those seeking a house on a $750,000 budget will find it to be quite a challenge, due to the median house price of $3,850,000, according to realestate.com.au. However, Greenwich has a median unit house price of $746,000.
In February, 3/222 Pacific Highway, Greenwich went for $710,000. It is situated on a busy highway and comprised two bedrooms and one bathroom on 87 square metres.
February also saw the sale of 2202/1-8 Nield Avenue, Greenwich, a one bedroom and one bathroom property on 83 square metres, which sold for $778,200.
Weekly asking price of 2065
Both these properties in Greenwich could interest certain buyers, however, they offer less than half of the living space that the Como property offered at a similar price point.
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